The Individual Development Accounts (IDA) program helps refugees and other ORR-eligible populations save toward an asset to help increase their financial independence. The program helps refugees understand assets, how the U.S. financial system works, and how to manage their money.
Through the IDA program, refugees can save for one of four assets:
- Business (startup or support)
- Car
- Home purchase
- Post-secondary education or training
The IDA program serves individuals who have been in the United States for less than five years. To enroll in the program, participants must:
- Have a paying job
- Earn less than 200% of the federal poverty level
- Not have more than $10,000 worth of assets, excluding one car and one home
Services
IDA services include:
- Financial literacy training (banking, savings, and credit)
- Asset-specific training (first-time car purchase or home, business planning)
- A match of $1 for every $1 saved by the client
Funding
This is a competitive grant program, with new grants awarded for a four-year project period. ORR supports IDA projects implemented by a variety of public and private non-profit organizations. All recipients must monitor the savings of clients in the program, so a partnership with a bank or credit union must be established to be eligible for the grant. Through Congressional funding, some recipients specifically focus on recent Afghan arrivals, while others serve all ORR-eligible populations.
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